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E-book Stocks for All : People’s Capitalism in the Twenty-First Century

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Penilaian

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Public stock markets aretoosmall. The lack of companies with publicly-tradedshares creates manyproblems.Ifpublicly-traded shares are scarce, valuationsare higher and thereisanincreased risk of bubbles. The lack of companieswith publicly-traded shares can increase financial inequality,because retail in-vestors are excluded from privatestock markets.Itcan alsomake itmore difficultto fund futurepensions.³The fact that thereare relativelyfew companies withpublicly-traded shares isasymptom of wider problems with the existingregula-tion of companies,stock markets,and markets ingeneral.There are problems on both sides of theAtlantic. They should be addressednot onlyinthe European Union but even in the United States.This book has three broadgoals. The first is to rescue public stock markets.The second is to increase financial equality.The thirdgoal isto achieveawiderdistribution of share ownership.This book thereforehas threeconcrete purposes. The first is to find ways toincrease the number of companies with publicly-traded shares.There will be nowider distribution of shareholdings and no effective stock markets without amuch largernumber of companies with publicly-traded shares.The second isto find ways to make it easierfor retail investors to invest in shares directlyratherthan throughafinancial intermediary.?Retail investors simply needto getabig-gershare of the valuegeneration thattakes place in companies.The trend of deretailisation should bereversed.?The third is to propose design principles for anew regulatory regime for public limited-liability companies and stock marketsdesigned to facilitate people’scapitalism.The connection between the lack of liquid investment alternatives, the highvaluation of the scarceshares,and the severity of the inevitable correction prob-ablywas common knowledge alreadybefore the short market crash of2020.?What maybeevenmoreimportant in the longterm is the societalimpact of con-centrated share ownership. Financial polarisationcan increase political polari-sation and undermine liberal democracy asaform ofgovernment.Therefore,it seemsreasonableto address ownership concentration and polarisation.?Doing so maybecome more urgent because of the effects of digitalisation and technological change. The book focuses onregulation and market practices in the EU and theUS.Studying both regions can provideabetter understanding of different regulatorychoices,market practices,and theireffects.?Moreover,thereisatrend of conver-gence of the regulation of European andUS stock markets.One cannot under-stand the futureofEUregulation without some idea about what has happenedin the much biggerUSstock markets. But convergence is notaone-way-street.

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Ketersediaan

Informasi Detail

Judul Seri

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No. Panggil

341 MAN s

Penerbit

Berlin : ., 2021

Deskripsi Fisik

899 hlm

Bahasa

English

ISBN/ISSN

9783110761108

Klasifikasi

341

Tipe Isi

text

Tipe Media

computer

Tipe Pembawa

online resource

Edisi

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Subjek

International Law

Info Detail Spesifik

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Pernyataan Tanggungjawab

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Versi lain/terkait

Lampiran Berkas

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